Telecommunication Alternative Assessment, a joint credit rating venture of the three telecommunications companies, will establish a model that allows the credit information of Indonesian migrant workers to be utilized in Korea.
Telecommunication Alternative Assessment noted on the 27th that it had signed an agreement with Indonesian credit rating agency PBK on the 22nd for cross-border financial linkage and joint development of TelcoScore.
The two companies agreed to establish a bidirectional credit linkage system that allows migrant workers to utilize their telecommunication-based credit information generated in their home country in other countries. They will collaborate on customized financial products for migrant workers, the development of a HYBE credit assessment model, and the normalization of real-life data based on telecommunication usage history and payment patterns.
Through this, Indonesian workers who migrated to Korea will be able to access financial services in Korea based on telecommunication data from their home country. Conversely, data generated in Korea can also be used as credit indicators after returning home.
On the 7th, Telecommunication Alternative Assessment also signed a memorandum of understanding (MOU) with the subsidiary DataNest of the Vietnamese financial platform group AMIGO to establish a telecommunication information linkage system. It plans to set up a 'TelcoCredit Network' across Asia, after conducting demonstrations in Vietnam and Indonesia.
Telecommunication Alternative Assessment is a specialized alternative credit assessment institution that evaluates credit using telecommunications data from the three major telecommunications companies to provide services such as loans for those, like 'new filers', with insufficient financial history.
Mun Jae-nam, CEO of Telecommunication Alternative Assessment, said, "The reality is that Asian migrant workers experience financial exclusion due to a lack of existing financial history, which can be addressed by a data-driven alternative credit assessment system, and we aim to leap forward as a global platform that spreads fair and sustainable inclusive finance models through telecommunication data."